Stocks end week on a flat note

Stocks end week on a flat note

Star Business Report

Stocks ended on a flat note yesterday as shaky market momentum left investors cautious about fresh bids.
DSEX, the prime index of the Dhaka Stock Exchange, ended at 4,408.80 points after falling 2.36 points or 0.05 percent.
The shariah index of Dhaka bourse, DSES, however, managed to close on a positive note, gaining 1.56 points or 0.15 percent to close at 1,018.23.
“Changing preferences forced market dynamics to remain volatile,” said IDLC Investments.
However, expectations of upcoming corporate declaration and lower net asset value sent investors toward mutual funds, it added.
Almost all the mutual funds gained, with eight of them featuring in the top ten gainers' chart. The sector gained 3.02 percent.
“The market remained choppy on the closing day of the week, with the benchmark index closing on flat red zone and turnover value down to six session-low,” LankaBangla Securities said.
Turnover declined 15.68 percent from the previous day to Tk 368 crore.
A lower growth forecast by the World Bank than the government's target for fiscal 2014-15 and a 3.4 percent fall in remittance flow in the first 11 months of the fiscal year might have sapped investors' appetite, said the stockbroker.
Of the 296 issues that traded on the DSE floor, 133 advanced, 132 declined and 31 closed unchanged.
A total of 0.85 lakh trades were executed, with 7.69 crore shares and mutual fund units changing hands on the Dhaka bourse.
All major sectors ended in the red except telecoms and pharma, which advanced 1.43 percent and 0.07 percent respectively.
The food sector was the highest loser with a loss of 1.94 percent, followed by power 1.06 percent, non-bank financial institutions 0.61 percent and banks 0.28 percent.
Grameenphone dominated the top turnover chart with its transaction of 11.31 lakh shares worth Tk 33.85 crore, followed by Lafarge Surma Cement, BSRM Steels, Appollo Ispat Complex and Square Pharma.
Grameen Mutual Fund One was the day's highest gainer, posting a rise of 9.76 percent, while Wata Chemicals ended up as the worst loser, slumping 16.37 percent.